Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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See you're still posting, slug, despite your crushing lack of credibility. How's your homework coming along?
Hi all newmont would have to do is set off a rumor to get a better return same with the rest.
RK, they're certainly no longer interested in the idea of us pursuing production.
15m votes against is utterly meaningless and demonstrates how virtually no one bought into Fort's twisted logic that getting rid of SC at this stage would lead to a good outcome for shareholders.
NMM, I think your first point is probably true, but at least we don't have to test the theory, thank god.
Yes addickt..and if BHP voted for him presumably they have given up all hope of participating in mining Cascabel and want him to conclude an outright sale, either of SOLG or Cascabel...
Similarly Newmont clearly didn't want to disrupt the sale process as their stake would have sunk even lower...
So I think we can conclude that BHP, Newmont and Jiangxi are interested in either a full purchase or selling their stake at the highest possible price...
That bodes well in my book...
You dont need a DFS to sell the company or indeed Cascabel.
It is the final stage before starting the financing round but we ARENT building the mine...
I note in his comments he wants to work with shareholders to better understand why they don’t want to offer permission for extra printed shares
I would think that needs very little explanation to him
Hi addicknt, mandate or not I get the impression Scott/CGP boys would have gone ahead with their plans regardless!
Note some voted for Scott not because they think he is the best CEO or has done an acceptable job, but simply the alternative was far worse.
The original (November 2021) IPA covered the period 2013-2023. End-2023 being when "the Exploration Phase of activities as defined under the mining law is anticipated to finish".
Since then we've had:
- During the 2023 fiscal year, SOLG began negotiations to amend the Exploration IPA to cover the exploitation and
production phase of the Cascabel project via an addendum to the IPA.
> This suggests spreading the 'intention to invest' US$430 million during exploration phase to include the exploitation and production phases too. i.e. SOLG knew weren't going to hit $430m just on exploration by 2023.
- In December 2022, SOLG submitted an application to amend the Investment Protection Agreement to align it with the exploitation agreement under negotiation and to obtain additional benefits provided by the government that were not available when the agreement was signed in 2021.
> So a formal submission a year ago to amend IPA in line with Exploitation agreement.
- The July 2023 Exploitation Agreement states "One of the key economic assumptions is that the Company expects a reduced corporate income tax rate of 20% (previously 25%) during the Project's life once the Government of Ecuador approves the amendment of the Investment Protection Agreement."
So, as we approach end-2023 has the Exploration Phase now legally finished?
The 2023 Annual Report flags the revised IPA as a key project milestone.
Frankly I'd expect a bit more clarity from the company re: the current position.
At least years AGM SC received 1.25bn votes in favour and 643m against. This year it was 1.92bn versus 15m against. So roughly the same number of votes cast but a very different result.
I'd say he's now got a pretty strong mandate and can progress with confidence knowing that shareholders support his strategy.
Had Scott been voted out , we'd already be there.
Back to 7 within 6 weeks is my guess , may even test the 6's again.
Well that's the excitement over, what now, the SP is already sliding back.
Bob we put a drill in rio and found f all
looks like we wont get the opportunity to put a drill into blanca-nieves project, which will be a massive regret not seeing what’s in there as solgold shareholders.
whatever happened with rio amarillo??? was any drilling ever done there? 2 years **** away by the bods
OK - thanks RK - that would explain it then.
I'm not sure how you sell diddly without a DFS though .......
Wonder how many of the Chinese delegation will be planning another visit in Ecudor. in 2024, lots of moving parts, to look forward to in 2024.
Merry xmas everyone and a very prosperous new year !!!!
IPA
The Ecuador government has signed an IOA fir Cascabel...
No DFS for any project...weve never got past PFS(2) for Allala and PEA for Porvenir...
Best you can do is go on the website and look at the March 2023 Presentation, which has a page of summary numbers from PFS2...
Haha of course BHP wont vote against Scott now, look how great a job he did decimating the share price for them.
If nothing coming soon, this might be nationalised. Forget the investment protection stuff cause there are always justifications.
Am also interested but struggling to find DFS for the various projects - can anyone link those for me or provide the NPV/rate/Cu/Ag price and sensitivity analysis if possible?
Roxi, please be cautious putting a time line regarding a bid. Last year this time, it was predicted that we wouldn't see the 2023 agm. Yet here we are. I have a nagging feeling that we will still be here for the 2024 agm still waiting and guessing. I do hope that I am wrong and that Scott will deliver and not kick things into the long grass.
Next concern, when will the raise land?
Just need that first bid Roxi...
PFS3 by end of January?
Bit of profit taking today before we move up again...?
All systems go for a RIP roaring Junior Miner Bull Market...
LordWM, the production argument has been put to bed and the board is focussed on moving towards an exit. This has been confirmed in the AFR article relating to DC's court case, which is well worth reading.
There's a way to go yet, but the AGM results have given our guys the mandate to continue the pursuit of delivering a good shareholder return.